A private think tank says that among semi-developed and developed countries, Korea has seen its economic growth fall more rapidly than any other countries during the past decade.

LG Economic Research Institute said Tuesday that the nation’s average growth during the past decade marked four-point-four percent, down four-point-three percentage points from eight-point-seven percent during the previous decade.

Researcher Lee Chul-yong said that the government should seek innovation and structural reforms that promote competition rather than short-term policies aimed at raising growth figures which he says will only lead to side effects.

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